Euro and Pound Sterling considerably outclassed the US Dollar on the currency market

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3350-1.3450

Euro                 1.4450-1.4550

Sterling            1.6200-1.6300

WTI Oil (opening level) $77.80

The US Dollar index is marginally weaker this morning in a quiet overnight session as the market continues to digest the comments from US Fed officials that interest rates are going higher to continue the battle on inflation.

The Canadian Dollar was able to pick up some gains on its Southern neighbour but still is range trading as USD.CAD opens the day near the 1.3400 (0.7463) level which is lower than the overnight high near 1.3450 (0.7435). On the negative side the Loonie lost considerable ground to the Euro and Pound as both of those currencies significantly outperformed the US Dollar and moved much higher over the session.

It should be a quiet day on the currency market again today with just the weekly US jobless claims on tap. Stocks are poised for a strong opening as the equity market keeps moving back and forth, I think that will remain the case until we get next week's US Inflation report released.